Dynamics, a unit of telecommunications firms SoftBank and Sprint, announced what it is calling the first battery-powered payment card on Monday (Jan. 9). The offering, dubbed Wallet Card, was unveiled during the annual Consumer Electronics Show (CES) technology conference.
According to a press release highlighting the new product, Dynamics said the payment card will boast fast data breach response and replacement times. If a data breach occurs at a merchant with which the card has been used, it can be instantly deleted from the system and replaced immediately with a new card and account number. What’s more, consumers with the Wallet Card will be able to access their debit, credit, prepaid, multi-currency, one-time use and loyalty cards on one single card.
The Wallet Card is the first instant, digital card platform, according to Dynamics and Sprint. Banks can distribute the card at any time and place, including retail branches, during events or even in-flight, and consumers can activate and use it immediately. Card information is available for download via a secure, over-the-air cellular connection.
In addition, messages can be sent to customers at any time via the Wallet Card. Consumers will be able to opt-in to get coupons directly on their cards, be alerted to suspicious activity or set fraud alerts.
The Wallet Card is the same size and shape as a traditional debit or credit card, but has a cell phone chip and antenna built in so data can be transferred between it and the bank. A battery and recharging chip are also included so the card charges itself during normal use. The card was awarded Best of Innovation for Security Technologies and was an honoree for Computers, Embedded Technologies and Technologies for a Better World at CES 2018.
“With the powerful combination of our unrivaled wireless network spectrum resources, radical IoT technologies from within Sprint and our SoftBank group of companies and our dedication to creating integrated ecosystems — Sprint is at the IoT forefront, demonstrated by our support of Dynamics and the Wallet Card,” said Jan Geldmacher, president of Sprint business. “With humans and machines becoming increasingly connected into the future, the Wallet Card is a groundbreaking example of how important converged networks and advanced integrated technology will be for the lives of everyday people across the globe. We’re excited to be taking part in helping this all come to life.”